An increase in the number of borrowers with non-traditional income sources has led more lenders to consider automated and AI-based underwriting practices, according to Ocrolus, a tech vendor.
Guaranteed Rate-owned Owning says it can offer mortgage rates which are half a percentage point lower than competition by leveraging proprietary technology and specific underwriting criteria.
VantageScore expanded the borrower base; mortgage interest rates increased for seventh consecutive week; Blend tech offering for nonbanks; MISMO updates.
Better went from more than 10,000 employees in 2021 to fewer than 900 as of Sept. 1; lenders start early on 2024 loan limits; mortgage lock-in easing; MISMO initiatives; tool to check for appraisal bias; automated title reviews; insurance platform raises funds.
California had more than double the amount of originations by nonbanks in 2022 compared with any other state. The refi share of originations by nonbanks in California was also elevated. (Includes data chart.)
High interest rates push down rate lock activity in August; Guaranteed Rate touts five-minute approvals; startup aims to link homebuyers with assumable mortgages; foreclosures increase; MISMO updates offerings.
Is Onity Group eyeing a sale? Perhaps. And why not? Servicing values are approaching a 25-year high.
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